Monday February 28, 2022: Here is the information on the exchange rate of the dollar against the naira at the official and black market exchange rate.
Read Naija News update on official dollar rates as well as Black market rates, Bureau de change (BDC) rates, and CBN rate.
The official rate today, Monday, February 28, 2022for $1 dollar in naira = ₦415.67/$1.
According to data at FMDQ Security exchange where forex is officially traded, the exchange rate between the naira and the US dollar has opened at ₦415.67/$1 on Monday 28, after it closes at ₦416.00 at $1 on Friday, January 25, 2022.
Naija News reports that the dollar to naira exchange rate maintained an average of N416.69 to a dollar since the beginning of the new year.
How much is a dollar to a naira today on the black market?
The exchange rate of a dollar to naira in Lagos Parallel market (black market) players buy a dollar for N571 and sell at N576 on Monday February 28, 2022, according to sources at Currency Exchange (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex approach their respective banks.
Trade to official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦415.67/$1 on the 28th and closed at ₦416.67/$1. Display of a change of 0.16%.
According to data from FMDQdaily forex turnover amounts to $80.32 million.
Spot rate: Dollar sold to naira as high as ₦444.00 and as low as ₦410.00
A spot exchange rate is the current price level in the market to directly exchange one currency for anotherfor delivery on the earliest possible value date.
Bond market turnover drops 31.12% in January
FMDQ Securities Exchange in its January 2022 edition of the (FIC) Analysis of the markets revealed that the turnover in the Fixed Income and FX market over the months stood at ₦14.13 trillion.
According to FMDQ, January revenue represents a month-on-month (MoM) decrease of ₦6.41 trillion from ₦20.54 trillion in December 2021.
The figures released by the FMDQ also represent a year-on-year (YoY) increase of 8.44% (₦1.10 trillion) from the ₦13.03 trillion recorded in the corresponding period. in January 2021 respectively.
FMDQ Exchange in its report also noted that the total Foreign Exchange (FX) market turnover in January 2022 was $10.13 billion (₦4.22 trillion), which is a decrease of 38, 12% month-on-month ($6.24 billion) compared to December revenue of $16.37 billion. 2021.